Romney: Spending Money to Make Money

Mitt Romney’s campaign appears to be living by the adage that you have to spend money to make money.

The former Massachusetts governor raised more than $14 million during the latest three-month fund-raising period, second only to Texas Gov. Rick Perry, who took in more than $17 million.

But Mr. Romney spent about $12.3 million during the July-to-September quarter. That included about $2.2 million on fund-raising consulting.

That’s about the same figure Mr. Perry’s campaign says it spent on all operations, including payroll, since Mr. Perry entered the race Aug. 13.

Mr. Romney also spent more than $2.7 million on direct mail campaigns, $100,000 of which went to an Iowa-based political consulting group founded by David Kochel, Mr. Romney’s consultant in the Hawkeye State. Similar details were not yet available from Mr. Perry’s campaign.

Neither Mr. Romney nor Mr. Perry yet to start television ad campaigns, one of the most expensive components of electioneering.